by Scott Moser CPA/PFS

Tip #1-  File a Protective refund Claim:
The Supreme Court is set to review the constitutionality of the Patient Protection and Affordable Care Act (ACA) but no decision is expected until next spring 2021. Generally, you cannot request refunds going back more than 3 years.  So if you want a shot at getting any payments you made to IRS under the ACA, you must file a protective refund claim ASAP but no later than 10/15/2020 for tax year 2016.  Check your 2016 form 1040 to if you were assessed a ACA tax and let us know.  We can prepare a refund claim in case the court strikes down the ACA Act so you can get your money back.
Tip #2- IRS Will Pay You 5% Interest on Tax Overpayments!  :
Wow-  the treasury just keeps showering gifts on us.  Here’s the loophole.  The Covid crisis led to Congress extending the filing deadline to 7/15/2020!  The extension exposes a loophole in IRS rules where the IRS acknowledges it will be required to pay interest on tax overpayments for the period 4/15/20-7/15/20.  The interest period will also depend on when you file your return and when the IRS issues payment.  Here are the steps to be sure you receive the correct amount of interest.  Send us your confirmation with the date you filed your tax return.  If we e-filed your return, we have that date on file. Send us a copy of any Treasury payment(s) you receive for 2019 taxes, payments show the interest amount in a memo field.  IRS expects most interest payments will be done via separate check so you may be sending us several check confirms.  We’ll verify the payment is the correct amount.
Tip #3- Be Skeptical of Any IRS notices Requesting Your Payment:
The IRS has acknowledged that due to COVID-19 and the related office closures, the IRS was unable to mail some previously printed balance-due notices.  The IRS has indicated in this National Taxpayer Advocate blog and in a Notice 1052-A insert that the due dates printed on the notices have been extended but the new dates won’t be on the notices.  We have seen numerous erroneous due dates on IRS notices that will no doubt turn into penalty notices that are also incorrect.  As a general rule, if the IRS is requesting less than $150, it may make sense to just pay them rather fight the bureaucracy.  For larger amounts, send your notice to us and will check the validity.